The exemption provided by Section 4005.051 applies to a security issued and sold by a domestic corporation that:
(1) is not organized and engaged in business for profit; and
(2) does not have capital stock.
Tex. Gov't Code § 4005.053
NONPROFIT CORPORATIONS
Known as the The Securities Act
The act spans §§ 4001.001 to 4008.105 (251 sections).
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.